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international activities, marketing and communications, professional education, research and development, and risk integration and enterprise risk management. These elected officials oversee a large number of task forces and committees composed of society members and others. The largest single committee is the
Examination Committee, consisting of more than three hundred society members, who are responsible for writing and grading the CAS actuarial exams. A professional support staff works for the society and is located in
36:
1076:
In
December 2020, the CAS Board of Directors voted unanimously to rescind three CAS Statements of Principles. This action by the CAS Board caused a prompt backlash from CAS stakeholders for whom this presented significant problems, including CAS Members, regulatory agencies, and consumer groups. In
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insurance, which was introduced in the U.S. in the early 20th century. Eventually members of the society worked on all types of property-casualty insurance, including coverages for automobiles, homes and businesses. The society has now grown to over 10,000 members. Although the majority of members
342:
The first four actuarial exam requirements, known as "Preliminary Exams" consist largely of core mathematics related to actuarial science including probability, statistics, interest theory, and risk models. Exams 1 and 2 (known to the SOA as Exams P and FM) are common to both the SOA and the CAS.
323:
covering various aspects of actuarial practice. Passing Exams 1–6 as well as Exam S, the Course on
Professionalism, the Validation by Educational Experience (VEE), and two online courses qualifies an actuary for the Associateship designation; passing three additional exams is required to become a
1058:
The governing body of the society is the 15-member board of directors, elected by members who hold the
Fellowship designation. The administration of the society is conducted by a President elected by the Fellows and seven board-elected Vice-Presidents responsible for administration, admissions,
1085:
In
February 2023, the CAS sent out an email informing new Associates and Fellows of a new decision to stop providing complimentary paper diplomas. The plan was to provide digital diplomas to all new Members and paper diplomas only to those Members who paid extra money for them. After a swift
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Members of the CAS are employed by insurance companies, reinsurance companies, insurance brokers, educational institutions, ratemaking organizations, state insurance departments, the federal government, independent consulting firms, and non-traditional employers. There are a number of regional
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This joint sponsorship allows students to work on some of the initial requirements before they choose a specific discipline to pursue. The syllabus has a tendency to be adjusted regularly, which makes comparing exams from different 5-year blocks somewhat difficult.
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In addition to preliminary exams, the candidate need to complete the
Validation by Educational Experience (VEE) and Data Insurance Series Courses to achieve the credential of Associate of Casualty Actuarial Society (ACAS).
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The society's members publish a large number of research papers on various aspects of property-casualty actuarial science. The society's oldest and most prestigious research publication was the annual
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The two levels of CAS membership are
Associate (ACAS) and Fellow (FCAS). Requirements for these levels of membership include a comprehensive series of exams. Topics covered in the exams include
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287:. Another class of CAS membership, Affiliate, includes qualified actuaries who practice in property-casualty insurance but do not meet the qualifications to become an Associate or Fellow.
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The society holds two general meetings each year for the presentation of research papers and discussions about actuarial topics. Several other meetings, specializing in topics such as
1086:
backlash from the affected new
Associates and Fellows, the CAS reversed its decision and decided that it would revert to its prior practice of providing complimentary paper diplomas.
295:
The society was founded in 1914 and originally named the
Casualty Actuarial and Statistical Society. The present name was adopted in 1921. The society's first president was
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affiliates of the CAS, along with several special interest sections. As of August 2023, there are 6,676 Fellows, 3,340 Associates, and 33 Affiliate members of CAS.
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Fellow. The exams usually take a long time to complete, often near a decade, due to the low pass rates and the difficulty of the syllabus material.
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are offered each year, along with a series of limited attendance seminars. Each of the regional affiliates also holds regular meetings.
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Three additional exams are required to achieve the credential of Fellow of
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live and practice in the United States, there are CAS members in more than 25 countries around the world.
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response, the CAS Board voted to reinstate the Ratemaking Statement of Principles in May 2021.
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The subject matter covered in the VEE and each of the nine other CAS components is as follows:
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Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management
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Basic Techniques for Ratemaking and Estimating Claim Liabilities
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The CAS requires all candidates to qualify through a series of
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1131:"Casualty Actuarial Society Surpasses 10,000 Member Milestone"
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and related areas in the science of risk. Variance's current
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A number of the earlier exams are conducted jointly with the
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The CAS was at first primarily concerned with problems of
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Professional associations based in the United States
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1264:. Casualty Actuarial Society. 2013. Archived from
1238:. Casualty Actuarial Society. 2011. Archived from
1207:. Casualty Actuarial Society. 2013. Archived from
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988:which was published from 1914–2005. In 2006 the
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1301:: Casualty Actuarial Society: 2. 2019
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1349:. Casualty Actuarial Society. 2015
1236:"2011 Syllabus of Basic Education"
1180:. Casualty Actuarial Society. 2024
1158:. Casualty Actuarial Society. 2024
1133:. Casualty Actuarial Society. 2023
901:Regulation and Financial Reporting
655:(Investment and Financial Markets)
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1374:Occupational Outlook Handbook
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399:Modern Actuarial Statistics-I
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1565:Actuarial associations
1012:University of Illinois
382:Financial Mathematics
229:http://www.casact.org/
1530:Be An Actuary website
1506:Accessed May 10, 2023
1494:Accessed May 10, 2023
1410:Membership Statistics
385:Interchangeable with
368:Interchangeable with
1347:"Admissions Process"
1262:"Global Connections"
1242:on November 12, 2020
1156:"Board of Directors"
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1416:. December 31, 2019
1321:Regional Affiliates
1211:on October 30, 2008
1061:Arlington, Virginia
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291:History
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